AN ACT RELATING TO PROPERTY -- OVERSIGHT AND REGULATION OF MANAGEMENT COMMITTEES

HB 7874 establishes oversight of condominium management committees and property management companies by the Department of Business Regulation. It requires these groups to file annual registrations with the department and local land records, including board member details, budgets, reserve studies, and pending litigation. The bill mandates financial transparency, prohibits mismanagement of funds (like commingling money), and grants unit owners the right to inspect project records. Violations can lead to department investigations, fines, or corrective orders, with criminal matters referred to the attorney general. This applies to all condominium projects existing on or after July 1, 2026.